The importance of home ownership

Are you ready to enjoy the independence of owning your own home? Here are some of the benefits you can look forward to as a homeowner. 

You can build equity over time

Equity is the difference between how much your home is worth and how much you owe on your mortgage. As a homeowner, you'll build equity as you pay down your loan principal and the value of your property increases (also known as appreciation).

Home equity contributes to your financial stability and provides an option when you need access to funds. You can use equity to finance home improvements, and when you sell your home, the net proceeds can be used as a down payment for your next home.

Your monthly payments can be stable for long periods of time

Monthly rent payments increase over time, but a fixed rate mortgage will give you a fixed payment for the term of the mortgage. This steady payment will allow you to make better budgets and plan for the future.


Clients borrow money from a lender to finance their house; the rank of the mortgage is determined by the order of the date on which the homeowner borrowed the money – First mortgages are followed by second mortgages, then third mortgages, and so on as necessary. If the homeowner fails to repay the amount that was agreed upon, the loan falls into default.

A lender can take over the property in order to pay off the mortgage if all other legal options to return the payments to good standing have failed. That is lender can start a legal process under power of sale procedure.

Second Mortgages are one of the popular option for home owners who may want to carry out renovations, consolidate unsecured debt or acquire funds for unexpected emergencies. 

We can often have approval in as little as 24 hours. Clients can take advantage of several benefits, such as debt consolidation, property tax arrears, judgments, liens and Canada Revenue Agency (CRA) arrears, power of sale, purchase, refinance.

Second mortgages can also help with other financial needs such as construction financing, emergency situation, and unexpected medical bills or funeral costs. When working with industry experts such as Thomson & Company Mortgages, our clients in Hamilton and across GTA can take advantage of our underwriting process.